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The latest reported transaction volume is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.","href":"/research/agenda/hsr-transactions","metricLabel":"Reported HSR transactions","metricValue":"2,006","detail":"Q46 / Filings / 2025","status":"decreased / verified","year":2025,"color":"#65a30d","searchText":"hsr-transactions how did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume? hart-scott-rodino program hsr-transactions reported hsr transactions merger program context place hsr notification volume beside filing mix, transaction size, thresholds, exemptions, and macroeconomic context. reported hsr transactions moved from 2,031 in fy2024 to 2,006 in fy2025 (-25 transactions). the latest reported transaction volume is lower than the prior fiscal year. this is a program-activity comparison, not a finding about merger harm or enforcement effectiveness. transaction-size distribution and filing composition for both fiscal years. threshold, exemption, reporting-rule, and early-termination changes across the interval. transaction outcome and industry-mix records that can separate volume from composition. macroeconomic and financing context reported alongside, without treating co-movement as causation.","connectionCount":2}],"connectorNodes":[],"pairs":[{"id":"indicator:hsr-transactions--question:hsr-transactions","leftId":"indicator:hsr-transactions","leftLabel":"HSR transactions reported","rightId":"question:hsr-transactions","rightLabel":"How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?","status":"direct","directEdgeCount":1,"shortestHopCount":1,"alternativeShortestPathCount":0,"primaryPathNodeIds":["indicator:hsr-transactions","question:hsr-transactions"],"primaryPathEdgeIds":["question-indicator:hsr-transactions:hsr-transactions"]}],"sources":[],"rows":[{"id":"question-indicator:hsr-transactions:hsr-transactions","layer":"research","relationshipType":"question_indicator","relationshipLabel":"Named measurement family","fromId":"question:hsr-transactions","fromKind":"question","fromLabel":"How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?","fromHref":"/research/agenda/hsr-transactions","toId":"indicator:hsr-transactions","toKind":"indicator","toLabel":"HSR transactions reported","toHref":"/indicators/hsr-transactions","evidenceLabel":"Research agenda metric contract","evidenceDetail":"Q46 is framed by Reported HSR transactions and resolves to the canonical hsr-transactions indicator dossier.","sourceId":null,"sourceUrl":null,"confidenceLevel":"bounded","indicatorId":null,"entityCode":null,"observationCount":null,"firstYear":null,"latestYear":null,"preferredView":null,"sourceIds":null,"guardrail":"A question-indicator link records the named measurement family used to frame a public question; it does not turn an observed change into causation, harm, market power, or a legal conclusion."}]}